OPEC is gearing up to deepen oil supply cuts later this week but still needs to ...
VIENNA - OPEC is gearing up to deepen oil supply cuts later this week but still needs to strike an agreement with allies such as Russia on details of a deal to support prices and prevent a glut next year.
Next year, rising production in other non-OPEC countries such as Brazil and Norway threaten to add to the glut. OPEC’s second largest oil producer Iraq said on Tuesday Saudi Arabia was supporting deeper cuts for OPEC+ to 1.6 million barrels per day, or 1.6% of global demand, from the current level of 1.2 million bpd.On Wednesday, Ghadhban said he would support at least extending existing cuts to end-2020 from March: “We have to give a positive signal to the market and to me at least we should roll-over present agreement”.
OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 bpd. The total effective cuts would then amount to around 2 million bpd, or 2% of global supply.
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